According to @KobeissiLetter, between 3:00 PM ET and 3:50 PM ET the S&P 500 dropped about 60 points, wiping out roughly $500 billion in market value with no major headlines driving the move, according to @KobeissiLetter on November 20, 2025. @KobeissiLetter attributed the intraday plunge to thin liquidity and deteriorating sentiment, indicating a flow-driven late-session selloff, according to @KobeissiLetter. Equity risk-off shocks like this can transmit to crypto via heightened post-2020 cross-asset correlations, including stronger co-movements between the S&P 500 and Bitcoin, according to the International Monetary Fund’s 2022 analysis of crypto–equity linkages. Given these documented spillovers, traders often monitor BTC and ETH into the U.S. close for correlation-driven volatility when equities lurch lower, according to the IMF’s 2022 findings on increased crypto–stock co-movement.